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The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Japan Credit Derivatives Determinations Committee resolved that a Bankruptcy Credit Event occurred in respect of Elpida Memory, Inc.

The Committee determined that an auction will be held in respect of outstanding CDS transactions. ISDA will publish further information regarding the auction on its website, www.isda.org/credit, in due course.

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The Insurance Linked Securities (ILS) market is set to have a record year. The pace and volume of securities issuance is at its highest levels since 2007 with new participants entering the space and demand continuing to grow from yield seeking investors.